Why now is the time to simplify ISAs to build financial resilience

Six different types of ISAs trying to different savings objectives

clock • 3 min read

ISAs have been worn down by complexity, writes Rachel Vahey. Here she looks at the current regime and says now is the time for policymakers to make changes...

Cast your mind back to April 1999. Were you already working, or still at school, or university? Were you listening to No Scrubs by TLC (riding high at number 1)? Maybe you were watching Peggy Mitchell marry Frank Butcher in Eastenders? Or were you monitoring the launch of ISAs, the successor of PEPs and TESSAs, and their effect on the UK savings market? ISAs have now been with us for nearly a quarter of a century. And on the whole, they are a success story. Recent research by AJ Bell shows that 96% of UK adults have heard of them, and 71% said they are familiar with them. But they ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on ISAs

Advisers would recommend Great British ISA if introduced

Advisers would recommend Great British ISA if introduced

Majority of advisers would recommend British ISA, Schroders finds

Isabel Baxter
clock 13 June 2024 • 1 min read
Refining the process: Five ways to improve the British ISA

Refining the process: Five ways to improve the British ISA

Crucial to address certain aspects of the government's proposal

Rachael Griffin
clock 05 June 2024 • 4 min read
Why Fundsmith Equity should be allowed in a UK ISA

Why Fundsmith Equity should be allowed in a UK ISA

'The government has to draw a line somewhere'

Laith Khalaf
clock 24 April 2024 • 3 min read